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Thursday, 14 January 2016

Ref.Soyaoil Update

Ref.Soyaoilsettled up by 1.27% at 601.4 tracking firmness in spot demand and other oilseed counters amid short covering. India soybean oil imports two fold high in November after local demand of edible oils rose due to lack of domestic crushing, data release from the Solvent Extractors Association (SEA) of India showed. India's soyoil imports surged to 216,836 tons in November compared to 121,097 tons for the same period a year ago, data released by the SEA of India showed. According to Brazil trade ministry, Brazil exported 0.73 MMT of soybean in December 2015 v/s 1.44 MMT exported in November 2015, down 97 percent m-o-m. Exports rose 421 percent compared to December 2014 when the exports were 0.14 MMT.

Trading Ideas: Ref.Soya oil trading range for the day is 589-609. Ref soyoil prices ended with gains tracking firmness in spot demand and other oilseed counters amid short covering.India's soyoil imports surged to 216,836 tons in November compared to 121,097 tons for the same period a year ago. India soybean oil imports two fold high in November after local demand of edible oils rose due to lack of domestic crushing. At the Indore spot market in Madhya Pradesh, soyoil was steady at 606.7 rupees per 10 kgs.